Air Transport World

Air Canada chooses Victor Li as equity partner.(Trinity Time Investments will take 31% stake in airline)(Brief Article)

Air Canada selected Trinity Time Investments, controlled by wealthy Hong Kong businessman Victor TK Li, to take 31% stake in the restructured airline for C$650 million ($495.3 million). Contemporaneously with the investment, AC expects to close a creditors' rights offering underwritten by Deutsche Bank in the amount of C$450 million on "the same economic terms as Trinity." The agreement calls for creditors with aggregate claims of C$8-C$10 billion to receive approximately 56% of the common equity of AC after taking into account the rights offering. Current shareholder of AC will receive only a 0.01% stake in the reorganized carrier. …

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